منابع مشابه
On optimality of intergenerational risk sharing
This paper defines and studies optimality in a dynamic stochastic economy with finitely lived agents, and investigates the optimality properties of an equilibrium with or without sequentially complete markets. Various Pareto optimality concepts are considered, including interim and ex ante optimality. We show that, at an equilibrium with a productive asset (land) and sequentially complete marke...
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The paper examines the allocation of macroeconomic risks a stochastic growth model with overlapping generations. For several standard models with CRRA preferences, I find laissez faire ex ante inefficient in the direction of imposing too little productivity risk on the old and too much risk on the young and on future generations. Governments commonly issue safe debt and promise safe public pens...
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In an analysis of the risk-sharing properties of different types of pension systems, we show that only a fixed-fee pay-as-you-go (PAYG) pension systems can provide intergenerational risk sharing for living individuals. Under some circumstances, however, other PAYG pension systems can enhance the expected welfare of all generations by reducing intergenerational income variability. We derive cond...
متن کاملAcademic Repository ) Intergenerational risk sharing within funded pension schemes
We study risk sharing between generations for a variety of realistic collective funded pension schemes, where pension benefits and contributions may depend on the funding ratio and the asset returns. The collective pension schemes organizing intergenerational risk sharing are optimized with respect to the generosity of pension benefits, the asset allocation and the risk allocation rules. We per...
متن کاملPension Reforms; Effects on Intergenerational Risk-Sharing and Redistribution
Projections show public pensions to take an increasing share of GDP. This has lead to increased activity in the reform area and resulted in a plethora of reforms ranging from marginal to more radical ones. The former kind has often tried to hold back increasing expenditure by decreasing benefit levels, increasing statutory retirement age etc., while the latter may be exemplified by the Italian ...
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ژورنال
عنوان ژورنال: Journal of Public Economics
سال: 2010
ISSN: 0047-2727
DOI: 10.1016/j.jpubeco.2010.05.004